Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Lessened by SG Americas Securities LLC

SG Americas Securities LLC cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 14.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,320 shares of the software maker's stock after selling 14,339 shares during the quarter. SG Americas Securities LLC's holdings in Cadence Design Systems were worth $22,208,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $28,000. Ancora Advisors LLC grew its holdings in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co bought a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $39,000. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $46,000. Finally, Synergy Investment Management LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $50,000. 84.85% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $285.97, for a total transaction of $185,880.50. Following the completion of the sale, the vice president now owns 107,499 shares in the company, valued at approximately $30,741,489.03. This represents a 0.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now owns 7,411 shares of the company's stock, valued at $2,038,025. This trade represents a 2.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,625 shares of company stock worth $5,670,453. Insiders own 0.37% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CDNS shares. KeyCorp upped their target price on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Robert W. Baird increased their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Loop Capital decreased their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, May 13th. Finally, Mizuho increased their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

Cadence Design Systems Price Performance

CDNS traded up $0.65 during trading on Thursday, reaching $307.85. The stock had a trading volume of 1,012,324 shares, compared to its average volume of 2,022,622. The firm has a market capitalization of $84.06 billion, a price-to-earnings ratio of 79.75, a price-to-earnings-growth ratio of 3.88 and a beta of 0.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The stock has a 50 day moving average of $291.22 and a two-hundred day moving average of $287.43.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the firm posted $1.17 earnings per share. The firm's revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.